Financial reporting which is based on coso framework

Assignment Help Accounting Basics

Reference no: EM1310556

For the year ended December 31, 2010, Friday & Co. CPAs ("Friday"), audited the financial statements of Kim Company and expressed an unqualified opinion of the balance sheet only. Friday did not observe the taking of the physical inventory as of December 31, 2009, because that date was prior to its appointment as auditor. Friday was unable to satisfy itself regarding inventory by means of other auditing procedures, so it did not express an opinion on the other basic financial statements that year.

For the year ended December 31, 2011. Friday expressed an unqualified opinion on all the basic financial statements and satisfied itself as to the consistent application of generally accepted accounting principles. The fieldwork was completed on March 12, 2012; the partner-in-charge reviewed the working papers and signed the auditor's report on March 19, 2012. The report on the comparative financial statements for 2011 and 2010 was delivered to Kim on March 21, 2012.

Required:

Prepare Friday's audit report that was submitted to Kim's board of directors 2011 and 2010 comparative financial statements. Kim is a public company. Friday has conducted an audit of Kim's internal controls over financial reporting based on the COSO framework. No material weakness were identified.

Reference no: EM1310556

Questions Cloud

Anti-pornography campaign : Sarah is heavily involved with an anti-pornography campaign and fights her own interest in it.

Lateralization of function : The given is NOT a method commonly used to study lateralization of function in normal people:

Determine the alpha store as an investment of the company : What income amount should be used to evaluate the Alpha Store as an investment of the company?

Advantages of frame delay-atm-ethernet mans : On the basis of the current offerings for frame delay, ATM, and Ethernet MANs, explain the relative advantages of each.

Financial reporting which is based on coso framework : Prepare Friday's audit report that was submitted to Kim's board of directors 2011 and 2010 comparative financial statements. Kim is a public company.

Hedging risk in risk-management division : If resulting profits are repatriated to production unit in Canada monthly, what risk does this production unit face? How might it hedge this risk?

Incremental revenue and incremental income : Incremental revenue and incremental income (loss) associated with accepting the special order.

Estimating the probability : which of the given statistics would enable Caryl to estimate the probability that her bus will arrive in 5 minutes of its scheduled arrival time on any given day?

What is the estimated variable cost per unit : What is the estimated variable cost per unit of Cutter's product and Comparing least-squares regression to high-low estimation.

User Account

All Pages